The Harvest Technology Group Ltd (ASX: HTG) share price dropped today despite welcoming news of a trilateral global marketing alliance.
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The Harvest Technology Group Ltd (ASX: HTG) share price dropped today after the company announced a global marketing alliance.
In morning trade, the Harvest share price reached as high as 37 cents, but has since retreated to close 4.17% lower at 34 cents.
What does Harvest do?
Harvest Technology develops end-to-end customised technology solutions. The company specialises in hardware and software solutions that encode multiple video, audio and synchronised data channels over satellite communications.
Harvest’s product suite includes secure, low bandwidth, real-time content that is accessible from anywhere in the world.
The company has aggressively pursued high revenue opportunities in growth industries. Key markets such as defence, airline, space, remote-land based communities and emergency communications are all within Harvest’s scope.
What is the global marketing alliance
The market alliance is a trilateral partnership for ultra-low bandwidth remote monitoring solutions.
Harvest’s partners include Inmarsat Enterprise and Applied Satellite Technology Group (AST), both world leaders in satellite communications.
The new alliance will provide Harvest access to satellite communications infrastructure. This will enable the transmission of high-quality synchronised video and audio over ultra-low bandwidth. In turn, the company will be able to remotely monitor assets, coordinate site surveys and conduct maintenance operations.
Harvest noted the alliance would benefit sectors such as resources, energy and utilities as a result of COVID-19. This was because the pandemic had placed restrictions on personnel and created sustainability challenges.
Harvest also said remote customers could be connected live back to base, thus relieving pressure to maintain infrastructure while safeguarding workers.
A welcome partnership
Harvest managing director Paul Guilfoyle welcomed the alliance, saying:
We are beyond thrilled to work with Inmarsat and AST to further strengthen the global reach of ultra-low- bandwidth remote communications.
This alliance will not only allow for the implementation of existing technology but will further fuel innovation for future cutting-edge communication initiatives.
AST managing director Gregory Darling added:
AST is delighted to partner with Harvest and Inmarsat to provide real-time video and audio solutions cost effectively through our secure global INTEGRA network from anywhere in the world.
The partnership supports our vision to continuously empower our customers with dependable solutions that improve their operational efficiency, reduce their health and safety risk and minimise their carbon footprint.
Inmarsat sector development director Steven Tompkins also welcomed the partnership. He said:
By developing a wearable solution that supports our High Data Rate (HDR) streaming capabilities across a low-bandwidth connection, Harvest is facilitating highly efficient, safe, cost-effective and sustainable site surveys of pipelines and valuable assets across industrial sites in remote areas around the world.
We are excited about the huge potential of this agreement and how it will change the way industrial professionals communicate and collaborate, no matter where they are located.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.